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Mid-Priced Suburbs Attract Melbourne Property Buyers

By Belinda McGuire

There may soon be an increase in demand for mid-priced real estate in Wantirna South, as buyers are currently showing a preference for this type of property.

This is according to market analysis by Australian Property Investor (API), which found that mid-price range suburbs are very much back in demand.

Senior economist Andrew Wilson from API explained that early season buyer activity has been good, with a strong auction clearance rate of 68 per cent recorded in February.

The February 2013 Housing Market Report assessed the impact that activity in the global economy has been having on buyer sentiment over recent weeks, illustrating that positivity is having an effect on the Australian property market.

"With the All Ordinaries now holding above 5000 for the first time in three years, a rising bull market will activate prestige markets that are finally showing early signs of emerging from a sustained period in the doldrums," commented Mr Wilson.

SQM Research recently found that there was a 0.2 per cent rise in residential property listings across Melbourne in March compared to the same month of 2012.

Melbourne was the only capital city to have recorded a rise in real estate listings compared to the previous year, while Sydney experienced the biggest decline of 15.7 per cent during the month.

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